Estee Lauder Companies Navigating Bumpy Stretch, Expects Smoother Sailing In FY 2023 Second Half

The Estee Lauder Companies recorded a sales decline of 10% in the fiscal 2022 fourth quarter, generally in line with revised guidance in May as new China lockdowns were impacting its business. Challenges in China and fragrance license terminations are expected to weigh heavily on fiscal 2023 first-quarter results as well, with improvements in Q2 and, ultimately, 7% to 9% organic growth for the year.